Since this data is unchallengeable and absolute, accountants and auditors can save valuable time, which can also decrease cost. He highlights that, from an audit prospective, using blockchain, artificial intelligence, and cognitive tools can increase audit volume to help get through massive volumes of data. The technology also extends itself in helping accounting firms prevent fraud and collusion both internally and externally.

Blockchain’s impact on accounting is imminent. Here is how the technology will allow accountants, auditors, and financial professionals the ability to trust the data blockchain provides.